CONVENTIONAL HOME LOANS
Less Paperwork and Faster Closing Times
- Best Rates and Terms
- No PMI Insurance
- 21 Day Close!
- Down Payment Starting at 5%
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What Is A Conventional Home Loan?
- A conventional loan is one where the lender assumes all the risk on the loan as compared to a government-backed loan where a lender guarantee is provided.
- A conventional loan is the most common loan type in today’s marketplace and every mortgage company offers a conventional mortgage.
Definition of a conventional loan:
Conventional Mortgage Loans can be defined as a government-backed loan or a conventional home loan. Government agencies like the FHA (Federal Housing Administration) as well as the Department of Veterans Affairs (VA Loans) insure private lenders against potential defaults. The mortgage home loan insurance is paid for through fees that they collect from the borrowers.
The USDA (United States Department of Agriculture) home loans lends money to lower-income borrowers through their Direct Housing Program. The USDA also guarantees home loans made by private lenders through a different program called the Guaranteed Housing Loans program. In each case the borrowers are responsible for fees that cover the insurance.
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Key Benefits Of A Conventional Loan
- More competition for conventional loans creates more competitive rates
- Conventional loans aren't limited by borrower type, location or loan amount
- Conventional loans are offered in both fixed and adjustable rate loans
Some of the main advantages of a conventional loan vs a Government loan like an FHA, VA or USDA loan is that mortgage insurance or what is known as Private Mortgage Insurance (PMI) is cheaper. A conventional loan does not require private mortgage insurance if you put down at least 20%.
Pros And Cons of A Conventional Home Loan
The Pros of A Conventional Home Loan
The Cons of A Conventional Home Loan
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Standard Conventional Home Loan Requirements
-* A Downpayment of 5% on up with a typical down payment of 20%.
-* A Credit score of 620 plus
-* Verification of income
-* Verification of employment
-* 2 years of continuous employment history
A conventional loan is not for everyone. Some of us don’t have the credit score to support a conventional loan and others including luxury clients may not feel comfortable sharing their tax returns. In these cases CambridgeHomeLoan.com has dozens of other loan products to fit everyones individual needs. some of these products include FHA Home Loans, VA Home Loans, USDA Loans, Jumbo Loans, Super Jumbo Loans, Statement Only Home Loans, Asset Only Loans and more. contact 800-826-5077 to discuss your situation.
Frequently Asked Questions
Most frequent questions and answers
A credit score that is at least 620, is what you should shoot for here as a minimum. Your objective should be 740. With a credit score of 740+ the best rates and deals will be available to you. If you pull your credit and your score is below 740, take the time to improve it if you can. The time will definitely pay for itself in the form of lower interest rates.
Fees for inspections and appraisals will need to be escrowed. Even though you can most likely roll these costs into the loan they will need to be escrowed up front. You will also most likely pay for the appraisal approximately $400-$650 depending on the market for a single family.
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INVESTMENT LOAN PRODUCTS
DSCR LOAN
Taking the first step on the real estate road to passive income and wealth? A rental property loan at a great rate can give you the momentum you need to grow your real estate (Buy, Repair, Rent, Refinance, Repeat (BRRRR) business.
FIX TO FLIP
Looking for a fix to flip or fix to rent bridge loan. Up to 90% of the purchase and 100% of the rehab. Closing as fast as 5 days!
Fix to Flip or Fix to Refi .
30 or 40year DSCR loan Build your passive income stream.
CASH OUT REFI
Looking to scale your real estate investment portfolio. Cash-out & refinance into a 30 or 40 year loan.. Closing 30 days!
Use your additional capital as a down payment to your next rehab project.
CONSTRUCTION
Looking for a ground up construction loan. Are you a builder or investor building a spec house or a P.U.D.
Discuss your ground up scenario with us today and take advantage of the housing shortage.